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Bitcoin continued its bounce from its 2021 opening price on Wednesday, hitting $31,600 in what some fear is just a temporary reprieve from the downside.
BTC Bulls had successfully defended the largest cryptocurrency against further losses at just above $29,000 – the price at which the market began the year, however, concern is running high over current strength being a “relief rally” – not a true comeback after a price floor.
“It’s still ‘short the bounce’ season,” popular analyst and podcast host Nebraskan Gooner summarized to Twitter followers and veteran trader Peter Brandt concurred, suggesting that Bitcoin would need another shock leg down before the genuine return to form kicked in.
In other trending Bitcoin News today: Is Stock-To-Flow Crypto Analysis Still Valid? Coin Bureau Looks at State of Prominent Model
The S2F has traditionally been applied to commodities like gold and silver. It predicts the performance of an asset based on the idea that the price increases as the asset becomes more scarce. PlanB has used it to predict Bitcoin topping out at about $288,000 this bull run.
In a new video, the pseudonymous host of Coin Bureau says that with Bitcoin trading near the $30,000 level – about $83,000 below where the S2F suggests it should be – he agrees with PlanB that the model is in a “make or break” phase.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
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